Connect with us

Finance

Despite Worsening Inflation, Epileptic Power Generation, UN Predicts Economic Growth for Nigeria

The global organisation likened Nigeria’s problems to its failure to generate and supply sufficient power and that skyrocketing prices of items.

Published

on

Institute of Chartered Shipbrokers

Even as Nigeria battles worsening inflation and epileptic power generation and supply among other challenges stifling its economy, the United Nations has expressed optimism that the nation would gradually come out of its shackles.

While admitting that the country is presently not doing well economically, the global organisation likened Nigeria’s problems to its failure to generate and supply sufficient power and that skyrocketing prices of items.

Notwithstanding, UN predicted that Nigerian economy will grow to three per cent this year because the country has improved seriously on its commodities trade and dynamic consumer goods and services markets.

The organization, in a report entitled: ‘The World Economic Situation and Prospects 2023’ and produced by the UN Department of Economic and Social Affairs, in collaboration with the United Nations Conference on Trade and Development, said rising inflation and electricity supply challenges were affecting the economy negatively.

Other five United Nations regional commissions that jointly made the report included the Economic Commission for Africa, Economic Commission for Europe, Economic Commission for Latin America and the Caribbean, Economic and Social Commission for Asia and the Pacific and Economic and Social Commission for Western Asia.

The organization, in its prediction, states that aggregate economic growth will weaken to 3.8 per cent in this year from the 4.1 per cent it was last year in Africa owing to reduced investments and worsening export level.

UN disclosed that high inflation witnessed in 2022 owing to pickup will become normalized in 2023.

The agency said the share of African countries experiencing double-digit inflation jumped to 40 per cent last year because of truncation in supply chain and the aftermath of the war in Ukraine, which made essential food and energy items more expensive.

According to the UN, tackling high prices of items and exchange rate pressure will demand that about two-thirds of African countries increase their domestic policy interest rates in 2022.

It noted that most countries will likely further increase rates this year in parallel with the projected monetary stance of the Federal Reserve in the United States and the European Central Bank.

The New York-headquartered agency maintained that fiscal positions across Africa have collapsed as governments sought to protect lives and livelihoods during the pandemic with average public debt rising to over 60 per cent of GDP and likely to remain as such in 2023.

UN said that African countries wil battle with principal repayment of about $11bn on Eurobonds by 2024 because of weaker currencies.

According to the agency, even though some large African economies experience lower levels of public debt on average, they will continue to have high and rising debt-servicing costs.

It said couple of African countries would experience challenges in servicing and rolling over a large level of debt in 2024 when major repayment of about $11bn on Eurobonds will be due as a result of higher interest rates, weaker currencies against the dollar and lower capital inflows.

 

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending